The Real Deal New York

Modell’s close to selling 300K sf warehouse

Buyer is paying north of $100M
March 23, 2018 04:15PM

Mitchell Modell and The Modell’s warehouse on Marconi Street in the Bronx (Credit: Getty Images and Google Maps)

The owner of sports apparel chain Modell’s is in talks to sell its Bronx warehouse for more than $100 million.

The chain uses the nearly 300,000-square-foot warehouse on Marconi Street for storage and distribution. The buyer isn’t yet known but Crain’s reports that Modell’s is close to selling the two-story building, which sits on a 12-acre lot.

Industrial properties have been in vogue lately. The Real Deal reported on Thursday that two sites in Staten Island — spanning roughly 1.1 million square feet — were hitting the market with an asking price of $23 million. The two parcels at 4482 Arthur Kill Road and 742 Sharrotts Road span 24.5 acres.

In 2016, Modell’s inked a deal to take 17,500 square feet of retail space at Thor Equities’ 135 East 125th Street in Harlem. [Crain’s] — Kathryn Brenzel